We have been hearing it for quite some time.
In fact, we have been hearing it for such a long time that some of us started believing in it.
We have been receiving regular enquiries from homebuyers, and the common question is, â€śIs it the right time to buy flats in Kolkata? I suppose nobody is buying flats now, right?â€ť
Many homebuyers were confused as to whether to buy flats now or wait.
Although it has been pinching a lot of those who are staying in rented flats, they are hesitant to book flats right away.
Demonetisation and ensuing confusion have disrupted the ways of trade and industry, after all.
NK Realtors regularly receive many interested enquiries from homebuyers.
We thought of looking at the data and share with youÂ so that you have an idea of what is really happening.
Buyersâ€™ Interest Came Down in November but Bounced Back in December
As you would expect, buyersâ€™ interest came down substantially from November 2016 for buying new flats in Kolkata.
The number of enquiries, however, largely revived in January onwards.
Actual booking as a percentage to enquiries dropped substantially in November 2016 but started reviving quite fast as January progressed. The drop was more pronounced in 20-30 lakh and 30-40 lakh price segments.
The notable fact is that the percentage of visiting project sites rose dramatically in December and continued in January indicating enhanced willingness on the part of buyers to confirm the booking of flats.
You can see the jump of almost 17 percent more project site visits in December compared to November 2016.
However, it is inescapable that the average conversion ratios in Quarter 3 are far less in almost all segments.
On the back of the highest site visit occurrence in December in 6 months, the site visit ratio has considerably increased in Quarter 3.
All Zones Saw Drop in Conversions, Rajarhat was Most Substantial
As we analysed the data and figured out the number of flat booking ratio in relation to all enquiries in all zones, we saw a drop in all zones in November and December 2016.
However, Rajarhat saw a relatively bigger dip as compared to other zones.
Some more clarity can be gained from the following chart where we have collated the ratio of flat booking against the enquiry in a particular zone.
Out of enquiries in particular zones, it is obvious that we had the massive drop in bookings in November (3rd Quarter) but they are reviving in December in South Kolkata and Rajarhat while it was stagnant in North Kolkata.
Enquiries and Bookings of Flats Revived with a Vengeance January Onwards
As the trend suggested, the homebuyersâ€™ interest in buying flats now in Kolkata came back to theÂ pre-demonetisation period as the time progressed.
NK Realtors launched its online NK Home Fiesta in the 3rd week of January and it continued until February 3, 2017.
The flow of enquiries was far beyond our expectation and the buyers were far more willing to actually look up the sites and make up their minds.
Currently, the homebuyers in Kolkata, after shaking off the confusion of demonetization, are actively deciding on the properties of their choice and book their dream homes.